Navigating the stormy seas of the cryptocurrency market, MicroStrategy, the largest publicly traded holder of Bitcoin, successfully charted a course back to profitability in the second quarter.
It has managed to overcome the major impairment charge of about $1 billion it had to face a year earlier due to a dramatic downturn in the cryptocurrency market.
The Virginia-based company reported net earnings of $22.2 million, or $1.54 per share, Bloomberg reports.
This is a significant turnaround compared to a loss of over $1 billion, or $94 per share, during the same period the previous year.
Steering the ship through turbulent waters, former MicroStrategy CEO Michael Saylor, who first plunged into the Bitcoin ocean in 2020, remained a vocal supporter of the largest cryptocurrency.
His gamble appears to have paid off, with the Bitcoin rebound lifting the company back into the black.
The flagship cryptocurrency is up nearly 80% on the year-to-date basis, but it has so far remained stuck below the $30,000 level amid muted volatility.
MicroStrategy eyes further Bitcoin investment
In a recent regulatory filing, MicroStrategy indicated its intention to further increase its Bitcoin holdings.
The document revealed plans to raise up to $750 million via share sales. The company intends to use the proceeds for general corporate purposes, including additional Bitcoin purchases and working capital as well as potentially repurchasing debt.
Saylor announced via X that the company had bought an additional 467 Bitcoins (BTC) in July for approximately $14.4 million.
With this latest acquisition, the company's total Bitcoin holdings have swelled to an impressive 152,800 BTC.